JELD-WEN Holding's net revenue for the 4Q 2020 increased $82.7 million, or 7.7%, to $1,151.3 million, compared to $1,068.6 million for the same period last year. The increase in net revenue was primarily driven by a 5% positive impact from core revenue and a 3% positive impact from foreign exchange.
Net income was $43.2 million during 4Q 2020, compared to net income of $7.8 million in the same quarter last year, an increase of $35.4 million.
Adjusted net income for the 4Q 2020 increased $21.8 million, or 90.5%, to $45.9 million, compared to $24.1 million in the same quarter last year.
4Q 2020 Adjusted EBITDA increased $26.2 million, or 29.4%, to $115.4 million, compared to the same quarter last year. Adjusted EBITDA margin of 10% increased by 160 basis points compared to the prior year. 4Q 2020 core adjusted EBITDA margin increased by 190 basis points compared to the prior year primarily due to improved price realization and favorable productivity.
"In a challenging operating environment, we delivered significant revenue growth and margin expansion," said Gary S. Michel, president and CEO. "This quarter's results exemplify the progress we've made as a global team to drive improvement in our operations and consistency in our financial results through the disciplined execution of our business operating system, the JELD-WEN Excellence Model or JEM. We achieved a number of key financial milestones in the quarter as well, delivering the highest rate of core revenue and adjusted EBITDA growth since 2017, generating record full year free cash flow, and significantly reducing net debt leverage."
Net revenue for FY 2020 decreased $54.1 million, or 1.3%, to $4.236 billion, compared to $4.290 billion for the same period last year. The decrease was driven by a 2% decrease in core revenues.
2020 net income increased $28.6 million, or 45.4%, to $91.6 million, compared to $63 million in the same period last year. The increase in net income was primarily due to higher gross profit from favorable price and productivity savings, and a lower effective tax rate.
2020 Adjusted EBITDA increased $31.4 million, or 7.6%, to $446.4 million, compared to $415 million in the same period last year. Adjusted EBITDA margins increased 80 basis points to 10.5%, from 9.7% in the same period a year ago.
JELD-WEN is one of the world's largest door and window manufacturers, operating manufacturing and distribution facilities in 19 countries located primarily in North America, Europe and Australia.
